Value Investing

I have been flicking through this memoir (pictured) Extraordinary Popular Delusions and the Madness of Crowds by Charles Mackay. This book is about financial bubbles (manias) such as the Tulip mania in 1637, the South Sea Company bubble in the…

For the first quarter of 2014 (year-to-date) The Edge Fund is up 5.76% compared to the ASX All Ordinaries Total Return (Accumulation) Index which was up 2.2%. High Five Despite the broader market being choppy and indecisive in the first…

As I do each month, I wrote The Edge Fund wrote letter to investors which includes a number of items. In my 'Outlook' item I wrote the following excerpt: I mentioned in the October letter that the market is “just…

In May, we offered a 'Too Good to Give Away' stock recommendation that a handful of people paid less than $100 for. While I did have to manage a couple of 'false starts' for those people with buying this stock…

McMillan Shakespeare Limited (ASX:MMS) provide salary packaging and vehicle leasing administration to major employers across Australia and New Zealand. This includes the packaging and administration of Fringe Benefit Tax (FBT) for those eligible to claim FBT tax deductions. The share…

I have watched Monadelphous Group Limited (ASX:MND) fall in the past six months from over $28 to under $15 a share. At, $28 they were priced above my estimate of fair value so I consider a portion of the price…

The Efficient Market Hypothesis suggests that financial markets are ‘informationally efficient’. This theory implies that an investor cannot consistently outperform the market as all information is available whenever an investment is made. When you hear a financial commentator use colloquialisms…

Would you like to know about the ASX-listed company with my highest quality ranking trading at the biggest discount to intrinsic value? This report is too good to give away for free!! In short: 1. 2013 Valuation of this company…

I wish you and your families a safe and happy Christmas and holiday season. Thanks to those who have entrusted us to make a positive economic contribution to your lives via our investing and consulting services. And, after starting writing…